Less than two months after launching a software-based model to replace traditional point of sale terminals, MagicCube has received a security compliance allowance from Visa for the mobile-driven system.
The compliance allowance for
i-Accept currently converts Android devices into POS terminals for contactless payment acceptance. As the first Visa-approved solution for this type of integration, i-Accept can utilize an existing acquirer bank's mobile app to add the full tap-and-PIN feature to a mobile infrastructure.
“We’ve been hard at work developing our first-in-class product and are elated to receive this certification from Visa,” Sam Shawki, CEO and co-founder of MagicCube, said in a Thursday press release. “This certification is the first step in shifting the security of mobile and IoT devices to the new category of Software Defined Trust.”
The certification from Visa, which made an investment in MagicCube in August, also allows MagicCube to deploy its SoftPOS + PIN service into existing systems that would minimize certification processes for its users.
“The ease of integration and minimal amount of certification time when integrating with MagicCube’s i-Accept is unlike any product or solution out there in the market,” Maher Mikati, CEO of Areeba, said in the release. Areeba, an acquirer in Lebanon, has expansion plans for i-Accept into Egypt, Iraq and other Middle East regions, Mikati noted.
In addition to the contactless payment acceptance through a mobile device, MagicCube says i-Accept also offers over-the-air upgrades, remote provisioning, risk management and mitigation, as well as compliance when integrating into different markets.
